Hello traders looking for tip on risk and t/p see pic below

Hi everyone
hope all is well. I’ve been are longtime follower but first post looking to dig a little deeper into fx. I’ve been doing crypot as well. I have are very small fx account($300AUD). ( i have had lots of different demo acc) please see pic i’ll would like to hear your thoughts or any tips. thanks

I’m not a guru and still new so I welcome scrutiny, but what I’ve come to understand is that when you place trades with no take profit, unless you are watching the charts all the time you could miss a profitable exit point. The trade is in your favor then all of a sudden reverses, and because you didn’t enter a take profit point and didn’t monitor your miss out on the profit you could have made and end up with losses. It is also difficult to calculate your R/R ratio without one.

I’m looking at your trade EUR/USD SELL 0.1 @ 1.1619 SL:1.1623 13/9/18 @ 13:53. A few minutes before that, “medium impact” economic news EUR Deposit Rate and USD Unemployment Claims, which rose, could be one of the reasons why the EUR strengthened against the USD. Your stop loss was met on the same candle you entered on the 1 minute chart.

You entered that trade at 13:53 and it closed in the same minute (your SL too close) The small uptrend died down around 14:55 and at 15:02 if you had placed no SL your trade would have been in 9 pips profit, when price went back down to 1.1614, before picking up again. But you would have had to look at tempting to close losses.

If you had placed your Sell order at the end of that small uptrend at 1.1632, with a stop loss of 10 pips (1.1642) and TP at 1.1614
You would have been in 28 pips profit. Still not a very good R/R ratio though.

My suggestions (welcome to scrutiny) would be:

  • Understand and be aware of economic news, the different importances of different economic news and their impact on the economy
  • Allow your trades to breath by widening your stop losses a bit. Your trade could be making losses, just about to reach your SL and then reverse in your favour. Don’t make it too wide though, it might not reverse in your favour.
  • Unless you have all day to look at charts, make a habit of setting TP.
  • Don’t setup SL without first knowing how much you will lose if your SL is met

All the best

One more suggestion I felt the need to add, if you insist on trading with no TP, then at least know when to close your trade when it is in profit. Your trade is in profit, but that profit is not enough for you, it becomes even more profitable but you’re still not happy and you think it will be even more profitable, well shame for you because you’re about to lose all that profit and make a loss if you didn’t adjust your SL when it was in profit

Thanks JoshRSA for your feedback still working T/P always like to let them run…lol and cut my losses short. the reasoning behind the stop losses being so close on trades I always set are normal stop loss with X amount of pips but when I’m noticing I’m in profit by X amount of pips moving my stop loss so I don’t take are loss and same time it work and keeps running but if it turns i don’t take the loss. in lots of my other trades i’ll set are normal stop loss and the trade will be in profit for a while but not in profit enough to hit T/P and then get hit with a massive spike and loss the trade. so got are habit of always moving my S/L taking profit or break even…